Polymetal boosts gold output 21%, cuts silver output 8% in 2017

MOSCOW, Jan 24 (PRIME) -- Gold output of precious metals producer Polymetal International rose 21% on the year to 1.075 million ounces, while silver production decreased 8% to 26.8 million ounces in 2017, it said in a statement on Wednesday.

Total output in gold equivalent grew 13% on the year to 1.433 million ounces, overshooting the production plan by 2%.

The company expects expenses to amount to U.S. $650-675 per ounce in gold equivalent in 2017, compared to more than $600-650 per ounce projected earlier because of higher diesel fuel prices and a strengthening ruble.

Polymetal has confirmed its 2018 production plan at 1.55 million ounces in gold equivalent and 1.7 million ounces in gold equivalent in 2019.